Denver Real Estate Market Update – May 2017

Temperatures aren’t the only thing heating up right now — the May real estate market was hotter than ever. The median price for a home in Denver was $410,000 in May, nearly $7,000 more than in April and over $36,000 more compared to the same time last year. The average number of days that homes stayed on the market dropped by 5 to 19 days in May from the previous month. This means the market is doing what we know it to do in the summer — move faster and for more money. The ray of sunshine for buyers? Mortgage rates were at their lowest for the year in May, which means more buying power!